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Our Bureau

Mumbai, July 26

The rupee was strong against the dollar on Wednesday on dollar sales by some nationalised banks and exporters. The home currency opened weak at 46.90 on the back of a strong dollar overseas, but recovered to an intra-day high of 46.78 to finally close at 46.80. On Tuesday, the rupee had ended at 46.82. Dealers said that there was hardly any demand seen from domestic oil companies strengthening the rupee. "When the rupee opened at 46.90, some nationalised banks were selling dollars, may be on the directions of the RBI," said a dealer at a private bank. "There were many exporters selling dollars and large inward remittances were flowing into the country. This impacted the home currency," he said. "The dollar gained overseas in the early trading hours but the yen strengthened against the US currency towards the close," he said. In the forward premia market, the 12-month closed at 1.17 per cent (1.11 per cent) and the six-month ended at 1.04 per cent (.97 per cent).

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Rupee tad higher against dollar

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